Chan, a father of three, had sustained a severe brain haemorrhage and died in the intensive care unit of Tan Tock Seng Hospital at about 7pm on Sunday, reported the Straits Times.

A spokesperson from the Singapore Civil Defence Force said they received a call at 4:17am notifying them of the accident, which involved a red Ferrari, a motorbike and a taxi.

The Ferrari driver has been identified as 31-year-old Chinese businessman Ma Chi, who was pronounced dead on the scene.

The Sunday Times reported that Ma is a financial investor from Sichuan, China and relocated to Singapore and with this wife and child four years ago.

According to a family friend, the paper reported he was said to be applying for permanent residency here. He and his family live in a penthouse in the East Coast and his wife is expecting a second child.

According to Shin Min Daily News, witnesses say that the Ferrari crashed into a taxi when it ran a red light, causing the taxi to hit a passing motorcycle.

Ma's family members were reported to have been spotted at the mortuary on the same morning. His mother was said to be extremely distraught.

In the last 12 days, six accidents had occurred at the same spot, reported the Shin Min Daily News.